IFRS Special Edition

Major Reforms to global lease accounting

The IASB has published IFRS 16 'Leases' completing its long-running project on lease accounting.

IFRS 16 will require lessees to account for leases 'on-balance sheet' by recognising a 'right-of-use' asset and a lease liability. For many businesses, however, exemptions for short-term leases and leases of low value assets will greatly reduce the impact.

This special edition of IFRS News explains the key features of the new Standard and provides practical insights into its application and impact.

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